Michigan HB5240 prohibits credit unions from restricting financial services to agriculture producers based on greenhouse gas emissions or fossil fuel.
Michigan HB5240 amends the state's financial practices to prohibit credit unions from denying, restricting, or canceling financial services to agriculture producers based on their greenhouse gas emissions, use of fossil fuel-derived fertilizer, or use of fossil fuel-powered machinery. If a credit union has made an environmental, social, and governance commitment, any such denial, restriction, or cancellation is presumed to violate this provision.
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